Under Contract Doesn’t Mean Sold: What Brooklyn Home Sellers Need to Know

Under Contract Doesn’t Mean Sold: What Brooklyn Home Sellers Need to Know

You’ve listed your Brooklyn property, found the right buyer, and accepted an offer — congratulations! But if you think your job is done, think again.

According to The Real Deal, approximately 15% of New York City home sales fall apart after going under contract. For sellers across Brooklyn—from Park Slope to Bay Ridge—that statistic is more than a warning; it’s a wake-up call.

At Pen Realty, we call this the “hidden second act” of the real estate transaction—and navigating it well is the key to a successful closing.

 The Inspection: Deal Maker or Breaker?

Once an offer is accepted, a licensed home inspector steps in. Their job? To scrutinize every inch of your property—plumbing, roofing, foundation, electrical, HVAC.

Common seller mistakes include:

• Ignoring deferred maintenance

• Assuming cosmetic upgrades cover deeper issues

• Not disclosing known problems

While The Wall Street Journal reports that most buyers today expect some imperfections, major findings can lead to renegotiation—or worse, withdrawal.

Solution: Be proactive. Get a pre-listing inspection or tackle high-ticket repairs early. You’ll enter negotiations from a position of strength, not surprise.

 The Appraisal Gap: Pricing Precision Matters

If your buyer is using financing, the lender will require an appraisal to ensure the property is worth the purchase price.

In hot Brooklyn markets, bidding wars can lead to inflated offers that appraisers may not justify. When that happens, banks won’t approve the loan unless the price drops—or the buyer puts more money down.

As highlighted in The New York Times, this appraisal gap is one of the top causes of deals falling through in competitive urban areas.

At Pen Realty, we avoid these scenarios by:

• Pricing homes accurately using live market data

• Building strong comp reports to support value

• Managing buyer expectations from day one
  
  

Not All Repair Requests Deserve a “Yes”

Once inspections and appraisals are complete, buyers often return with requests—credits, repairs, or closing cost assistance.

But here’s the truth: not every request is worth conceding. That’s where experienced negotiation becomes your most valuable asset.

We help our clients:

• Separate must-fix issues from cosmetic asks

• Counter with solutions that don’t devalue your home

• Close the loop efficiently to maintain momentum
  
  

Stay in Control From Offer to Close

Brooklyn buyers are savvy, but with the right advocate, so are you.

At Pen Realty, our full-service listing strategy includes:

• Pre-listing home prep and pricing

• Legal review of offers and contingencies

• Guided negotiation from offer to closing

• Transparent updates at every step

Selling a home in Brooklyn is about more than just getting an offer—it’s about closing without regrets.

 Download Our Free Seller’s Guide

Ready to sell smart? Our Brooklyn Home Seller’s Guide walks you through every step—from pricing to prepping to post-offer pitfalls.

 Give Back With Your Sale

Peter Mancini and Pen Realty proudly support CaringKind NYC, the heart of Alzheimer's care in our city. Join us in making a difference.

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